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The 2011 tax schedule for corporate income is shown in the table below: Taxable Income Over Not Over Tax Rate $ 0 $ 50,000 15.00%
The 2011 tax schedule for corporate income is shown in the table below:
| Taxable Income Over | Not Over | Tax Rate |
| $ 0 | $ 50,000 | 15.00% |
| 50,000 | 75,000 | 25.00% |
| 75,000 | 100,000 | 34.00% |
| 100,000 | 335,000 | 39.00% |
| 335,000 | 500,000 | 34.00% |
| 10,000,000 | 15,000,000 | 35.00% |
| 15,000,000 | 18,333,333 | 38.00% |
| 18,333,333 | ............... | 35.00% |
Pale Rider Corporation reports taxable income of $500,000 in 2011. What was their tax liability for the year? What was the average tax rate they paid for the year?
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